Last Solar

Solar stocks suck. They’ve always been a story of government subsidies and lowest-common-denominator manufacturing rivalries with Chinese producers. First Solar ($FSLR) is an unmitigated disaster today. The CEO basically threw his hands up and walked out, the stock is down from 170 in February to about 48 as of this posting, it’s off 20% on the day.

Is it “cheap”? No. There’s nothing here, it’s a nonsense stock with no real bull case.

Anyway, the big winner here – assuming he’s still short – is my man Jim Chanos of the hedge fund Kynikos Associates. Chanos laid out the short thesis on FSLR this summer at the Ira Sohn Conference. I was there and liveblogging the event, here’s what Chanos said…